NSX Silver Inc. (TSXV:NSY) was recently under a targeted mining disclosure review by the British Columbia Securities Commission. The review sought to assess selected aspects of the Company’s mining technical disclosure for compliance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
As quoted in the press release:
The BCSC has identified that certain technical disclosure contained in two historical reports for the Dios Padre Property which had previously been available on the NSX Silver website did not comply with NI 43-101. The reports in question are the MacKay and Snellman 1966 report and the ACA Howe 2005 report. NSX Silver has recently terminated the Dios Padre Property option agreement and no longer has any interest in the Property (see NSX Silver news release dated September 6, 2013), and accordingly all disclosure documents relating to the Dios Padre Property have been removed from the Company’s website including the MacKay and Snellman 1966 report and the ACA Howe 2005 report.
June 2012 Company Presentation
The BCSC review also identified the use of the word “orebody” in slide 23 of the NSX Silver June 2012 presentation which had been previously available on the NSX Silver website. The term “orebody” implies economic viability and treats the quantities as reserves. The Company acknowledges the utilization of the term “orebody” was not appropriate and has removed the presentation from its website.
The BCSC further identified that NSX Silver did not identify a Qualified Person in its June 30, 2013 Management Discussion & Analysis, website and presentation with respect to technical information disclosed therein.